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What Makes a Good Group Health Insurance Company?

Group health insurance refers to coverage issued to a group of members as part of the employee benefits package, eliminating the need for employees to purchase health insurance on their own.

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One common characteristic shared by group health insurance companies is their familiarity with the health insurance industry, allowing employers and schools alike to secure adequate health insurance policies to ensure the employees feel they are valued.

In this blog post, we will discuss what makes a good group health insurance company such as the common traits and key approaches these companies take in order to efficiently help out employers with employee benefits solutions.

Group Health Insurance Company Characteristics

If there’s one characteristic that is common among the best group health insurance companies in the world, it’s experience. Putting in leg work and elbow grease over an entire career’s worth of time can really give an insurance agent the know-how to get just about any task accomplished efficiently.

The relationships that are forged with other insurance professionals can really help an agent’s clients out of some sticky situations.

Now, take this individual experience and spread it across an entire company and it’s easy to see where the collective knowledge of a group health insurance company can be a force to be reckoned with. Here are some additional points with regards to experience:

Familiarity with Industry

When you’re shopping for group health insurance, it will come as no surprise that you will be better off choosing an insurer that has knowledge and experience within your organization’s particular sector.

This is because the group health insurance company will then be familiar with the specific problems that organizations like yours face on a regular basis. As well, an insurer should be versed in handling an organization of the same size as yours.

If they mostly have experience with individual medical insurance policies, they may not be able to handle the workload that a large group policy may require.

For instance, an insurer that is familiar with insuring schools will know all the ins and outs of insuring teachers, as well as the importance of addressing your policy requirements at specific times of the year.

After all, schools run on a schedule that other businesses don’t, so getting insurance needs done and dusted before the summer break is important.

There are many small aspects like this that need to be considered for every industry, and an insurer unfamiliar with yours is much more likely to overlook something that a more experienced insurer would not.

Claims Data Analytics

Once you’ve actually secured your policy from your group health insurance company, that isn’t the end of the transaction. A group health policy requires regular communication with your insurer combined with ongoing maintenance.

This is because the policy will inevitably be used, and claims will be made on it by your members. The thing about these claims is that they can be studied to give insight into the future of your policy.

By establishing claims trends, an experienced insurer can then determine if your benefits are serving you as well as they should, and clue you into any potential premium rises way before they actually happen.

As well, plan administrators can be notified by the insurer if your employees aren’t using their insurance enough, or if the plan is used far more than originally thought.

Benchmarking

Once enough data has been collected about your organization, how will you know how you stack up versus similar or competing organizations? A competent group health insurance company or broker will be able to provide exactly this type of information.

Pacific Prime, for example, has established a large portfolio of clients. With over 20 years of experience, we can confidently explain to our potential members exactly what kinds of benefits they should have to keep up with competitors or how their plan is performing vis-à-vis others in their sector.

Group Health Insurance Company Approaches

Despite the above section, even a newer group health insurance company can be effective. Sometimes it’s all about their approach to the market and how they regard their clients that makes all the difference. With this in mind, you should be looking for an insurer with some of the qualities below.

Negotiation

When renewal time comes up for your group health insurance policy, negotiations can be tough. This is where an insurance broker like Pacific Prime comes in, ready to help you negotiate terms of your next policy with your group health insurance company.

If you negotiate on your own, you will not have the unbiased advice that comes with a broker, and it will be on your staff to analyze your claims data to try to recognize if you’re getting a good value with your current plan.

Pacific Prime’s mantra during the negotiating process is to always look out for our members’ best interests, and not those of the insurance provider.

Manage premium cost and stability

Going right along with negotiations is managing premium costs. At negotiation time, most of the time a group health insurance company is going to want to raise premiums, as medical costs tend to rise year-over-year and other factors are taken into account.

What your organization will want is proof that a premium rise is justified, and that it’s not time to switch to another insurer.

Fortunately for Pacific Prime members, they will be able to address potential premium increases armed with knowledge.

They will either know that the increase is appropriate, or they will be able to dispute the rise, backed up with facts and statistics that support their argument. Thereby keeping premiums low and, hopefully, avoiding switching insurers on too frequent a basis.

Customized service teams

Many times people will find that they do not get the service they need from a group health insurance company for one of two reasons. The first is that they are assigned a single person to assist them with their insurance plan.

While this person may have all the experience and knowledge in the world, sometimes having only a single point of contact to work with will be overwhelming for them, and your plan performance may suffer as a result.

On the other hand, you could be given access to the entirety of the staff that an insurance company has, yet be left without a particular person to hold accountable.

This means that, when you’re in need of insurance advice, you may have to explain who you are and what your problem is to somebody that is not familiar with your organization at all.

To avoid both of these issues, it’s best to find a company to work with that will provide you with a bespoke team that will be very familiar with your organization’s specifics.

Conclusion

By having a number of people assigned to you, but also limiting the people responsible for your plan’s performance, a balance between knowledge and responsibility can be maintained.

With all of the above points in mind, we are confident that you will find that Pacific Prime are the insurance experts that you should be working with. Not only do we have all of the points above in spades, as a broker we are also in a unique position to offer you plans from the industry’s top insurers.

This will save you much time and energy when searching for a new group health insurance plan, because you will not have to sift through all of the insurers and plans on the market to determine which fits you the best.

As an international health insurance broker and employee benefits specialist, Pacific Prime has over two decades of experience in not only matching expats and locals to their health insurance plan of choice, but helping employers with employee benefits solutions as well.

Our agents will find and present the best available options to you, combined with the advice that you can only get from an experienced, multinational insurance broker.

Our agents are available today to help you find the best possible group health insurance company. Contact us today for a plan comparison and free quote!

Content Writer at Pacific Prime
Wish Sutthatothon (Nickname: Guy) is currently a content writer at Pacific Prime Thailand, an insurance broker that connects individuals and businesses with insurance providers worldwide. He creates and edits blog articles, guides, reports, webpages, and other types of digital content.

He graduated with a Bachelor’s Degree in Communication Arts, Media & Communication major (concentration: Creative Content) from Mahidol University International College (MUIC). During the compulsory major elective period in the summer of 2021 and voluntarily during the summer of 2022, he also interned as a video and photo editor at Mbrella Films.

He has experience working as an English Content Writer at a real estate buying/renting/selling platform in Thonglor. There, he crafted company blog posts on a multitude of topics. Topics include market trends, legal issues and disputes in property businesses, financial guides, expat guides, home insurance, home decoration and maintenance, and weekly real estate news quick-recaps. Occasionally, as part of the blog-writing process, he would also translate existing Thai blogs to English.

In his free time, Guy enjoys doing scriptwriting and storytelling for comic strips, watching movies, and listening to music (particularly film scores).
Wish Sutthatothon
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